12/7: MetroIntelligence Economic Update by P. DUFFY

According to ADP, private-sector employment increased by 190,000 from October to November on a seasonally adjusted basis. This compares with 235,000 jobs the previous month and 226,000 jobs in the same month of 2016.

Nonfarm business sector labor productivity increased 3.0 percent during the third quarter of 2017, as output increased 4.1 percent and hours worked increased 1.1 percent. The productivity increase was the largest since the third quarter of 2014, when output per hour increased 4.4 percent. From the third quarter of 2016 to the third quarter of 2017, productivity increased 1.5 percent, reflecting a 3.0-percent increase in output and a 1.5-percent increase in hours worked.

The November PMI® registered 58.2 percent, a decrease of 0.5 percentage point from the October reading of 58.7 percent. Comments from the panel reflect expanding business conditions, with New Orders and Production leading gains, employment expanding at a slower rate, order backlogs stable and expanding, and export orders all continuing to grow in November.

The NMI® registered 57.4 percent, which is 2.7 percentage points lower than the October reading of 60.1 percent. Comments from the survey respondents indicate that the economy and sector will continue to grow for the remainder of the year.